Planning Ahead
Terms include rewarding brokers who persuade clients to adopt the firm’s financial-planning tool, the documents show.
UBS AG, Switzerland’s largest bank, also added a bonus for its 7,000 U.S. brokers to encourage them to create financial plans for wealthy clients. UBS will pay as much as 4 percent in deferred compensation based on the revenue generated, according to Gregg Rosenberg, a spokesman in New York.
Wells Fargo’s wealth, brokerage and retirement unit earned $1.22 billion through the first nine months, or about 7.5 percent of the firm’s total profit. Client assets at the brokerage unit rose to $1.3 trillion. The company is the biggest U.S. home lender and the nation’s most valuable bank by market value.
The firm also increased expense allowances for some brokers, the documents show. UBS increased the sum by $500 to $2,000 each, according to Rosenberg, the UBS spokesman.
Wells Fargo advanced 3 cents to $44.96 at 3:52 p.m. in New York. The stock has returned 35 percent this year counting dividends, in line with the 24-company KBW Bank Index.